Movement Labs Rebrands and Resets Its Leadership

Movement Labs, which once showed promise as a blockchain project, has changed its name to Move Industries. According to reports, its token, MOVE, is experiencing a sharp drop in price and facing increasing criticism from the crypto community. MOVE Token Plummets Amid Possible Binance Delisting The situation worsened after Binance, one of the world’s largest cryptocurrency exchanges, added a monitoring tag to the MOVE token. This tag shows a higher risk and often hints at a possible delisting, making investors less confident. According to CoinMarketCap , the token dropped nearly 10% in the past 24 hours to around $0.16 as of press time. This marks a 31% decline over the past week and a 49% drop in the last month. Notably, Move Industries has rebranded to regain trust and refocus on improving blockchain scalability, amidst other goals. However, this change comes during a time of major internal challenges. In a decisive move, the company removed co-founder Rushi Manche. It is worth noting that this decision is part of a larger plan to reset its leadership and project direction. As such, the company has appointed founding member Torab Torabi as its new Chief Executive Officer (CEO). Furthermore, Will Gaines, the previous head of marketing, is now the President. This change highlights the company’s focus on better communication and community engagement. Movement Labs Suspend Rushi Manche Earlier in the month, Movement Labs suspended Rushi Manche . This happened in the wake of a growing controversy tied to a high-stakes market-making agreement that triggered a dramatic collapse in the token price. At the center of the controversy is a deal brokered by Manche with Rentech, involving crypto market maker Web3Port. This agreement granted Web3Port 66 million MOVE tokens, roughly 5% of the total supply. What followed was a swift and brutal dump of those tokens into the open market, inflicting $38 million in downward price pressure. This sent MOVE to an all-time low of $0.185 in December 2024. Meanwhile, Movement Labs has launched an independent investigation to audit the events and determine potential misconduct or negligence. Coinbase to Suspend MOVE Token Recall that Coinbase, the leading crypto exchange, announced it would stop supporting the Movement (MOVE) token on its platform. While Coinbase did not give a detailed reason, the exchange said the token no longer meets its listing standards. Meanwhile, Coinbase made changes before the full suspension took effect. As of now, MOVE trading is in “limit-only” mode. This means users can place or cancel orders, but only limited orders are allowed; there are no market orders. Starting May 15, the MOVE token will no longer be available on Coinbase platforms, including Coinbase’s main app, Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. However, Coinbase has not said whether this suspension is permanent. The post Movement Labs Rebrands and Resets Its Leadership appeared first on TheCoinrise.com .

Source: The Coin Rise